The Emirati national Ahmed Saeed Bin Brek has recently been appointed for Chief Executive Officer (CEO) of the new bank, soon to be launched by Emaar Properties. The appointment was decided upon by the Emaar board of directors. Bin Brek was earlier CEO of Citibank in the UAE and Oman.

In November 2001, Emaar Properties received approval from the United Arab Emirates (UAE) Central Bank to set up a commercial bank in Dubai. The Dubai-based real estate company has not yet confirmed the bank’s capital but expects it to become fully operational by June 2002.

Emaar is currently finalizing its plans for the bank that will take into account the prominent role that the UAE plans to play in the field of electronic commerce and banking services, according to a company press release. The bank will offer a range of products and services to both individual consumers and companies. It is planned to gradually expand a branch network throughout the country.

Emaar Properties, a public joint stock company listed on the Dubai Financial Market (DFM), currently has five major real estate projects under development. The establishment of the new bank is seen in total conformity with Emaar's core real estate focus, which aims at optimizing the investment of group resources, while actively diversifying the sources of its revenues. — (menareport.com)